What is Required to Become a Real Estate Broker?
In Canada, there are a number of career avenues in real estate. One such avenue is a Real Estate broker. The job of a broker is to act as a liaison between people who buy and sell real assets. Their role is find buyers and seller who are looking to buy or sell property. A broker help sellers with the marketing of their property and selling for price that is acceptable to all the parties involved. A broker can own and manage a real estate brokerage firm and employ agents. One has to pass a broker’s exam to get licensed.
In order to become a licensed agent in Canada you must successfully complete a course of study as required under the Real Estate Act of the province of where you live. For specific guidelines on becoming a broker’s license, you can check with your province’s governing body. The Real Estate Council is the licensing and regulatory agency established by the provincial government to administer the Real Estate Services Act.
Each province in Canada regulates brokers. In general, to become a broker in Canada, one has to be at least 18 years old and a permanent resident of Canada. Before applying to take the broker’s exam, you should be registered and have been working a agent for a specified period of time as mandated by the provinces board. It can range anywhere from 6 months to 36 months, depending on where you live. You should have completed with a set of licensing courses and passed the written exams with grades of usually no less than 75%, depending on your province rules. The final examination must have been completed within the one year preceding application.
When applying to take the brokers exam, you must submit supporting documentation as required with the application as well as the required fees. You must submit the exam application usually within one year of the Broker Course examination date. If an application is made after the examination date, the exam must be re-taken. If an application is made after the specified date from the examination date, the Broker Course must be repeated. Each province will have their specific dates regarding the deadline of applications after one has taken and completed the real estate broker’s course. Most provinces require that you take a broker’s licensing course.
After successful completion of the Broker’s Licensing Real Estate Broker Marshfield maCourse and Examination, one must apply to change their license status to broker, either Associate or Managing Broker, with the Real Estate Council of their province. One must also have a past record of financial responsibility and conduct.
When considering a career as a broker, you have to be aware that their will be a number of fees associated with obtaining the license. Such fees include: Broker’s Licensing Course fee, Supplemental Course fee, real estate broker licensing fee – $1100, and any business expenses.
Becoming a broker is a very rewarding and lucrative career. As well, there are a wide range of specialized areas where one can work.